Yes, but for the time being, it's unlikely anybody will post to the community anyway. You'll have to setup the community with images, sidebar text and post regularly in addition to moderating if you want to get things going. But any user from any instance can be appointed as a mod once you have a candidate.

I think the idea right now is create whatever you think we should have, pump it with whatever content you've had in mind, grow it up a bit, then pick some mods to pass it on to.

I think so. If you’re not really interested in moderating, you could pass it onto someone else once the community gets going.